Are you using one of the cards that was in SLI? If so you can just take out one of them and you won't have to reinstall drivers or anything. If it's a totally different card then you'll have to do the typical new graphics card install like you listed

Thanks for the feedback. I ended up removing both video cards (NVIDIA GeForce 9800 GT's with 512MB RAM each) and replacing with a single GeForce GTX 550 Ti (1024MB of GDDR5.) Everything went smoothly and my games are running nicer now.